Report Overview

Saudi Arabia Digital Twin Market - Industry Trends & Forecast Report, 2029

Saudi Arabia digital twin market size was estimated to be worth USD 1.85 billion in 2022. During the forecast period between 2023 and 2029, the Saudi Arabia digital twin market size is projected to grow at a CAGR of 63.1%, reaching a value of USD 56.61 billion by 2029. Major growth factors for the Saudi Arabia Digital Twin market include the expanding manufacturing industry and other sectors under Vision 2030, along with government and private investment toward boosting digitization in the metaverse and robotics.

Saudi Arabia Digital Twin Market – Overview

According to the definition by IBM, “a digital twin is a virtual model designed to accurately reflect a physical object.” In essence, a digital twin is computer software that simulates how a process or product would work using data from the real world. IoT sensors are frequently used as the physical links between an object and its twin, and a developed IoT implementation frequently requires digital twins. Digital twins enable increased operational efficiency due to more accurate data and quicker, and more efficient production.

Saudi Arabia Digital Twin Market

Growth Drivers

Increasing Private Public Investments

According to the Korea Herald, Naver, a major South Korean internet company, recently stated that it would assist Saudi Arabia in creating a city-scale digital twin and a super app utilizing its cutting-edge technologies to help the country's national digital transformation plan. Additionally, as part of its Vision 2030, the Saudi government is committed to accelerating the digital transformation of the nation through empowering and supporting various government agencies and organizations. During the projected period, it is anticipated that these advancements would create new growth prospects for the Saudi Arabia Digital Twin market.

Restraints

Concerns Surrounding Privacy And Security

Digital twin involves advanced technologies including sensors and IoT to collect and track real time data about a physical device. The collection of large volumes of data necessitates the online storage of asset information, which raises security and privacy concerns. Furthermore, the scarcity of skilled professionals to tackle the increasing burden of cyberthreats is hindering the adoption and implementation of digital twin across organizations, which may further limit its market growth in the Kingdom.

Impact of COVID-19 on the Saudi Arabia Digital Twin Market

The COVID-19 pandemic provided the Saudi Arabia digital twin market with excellent growth opportunities. The Kingdom's largest end-user businesses for digital twins, including the manufacturing and healthcare sectors, were disrupted by the lockdown, which negatively impacted market growth. But as the number of COVID-19 cases began to fall and restrictions were relaxed, the market for digital twins began to rebound dramatically as various organizations pushed for automation and virtualization of both products and processes. In response to the COVID-19 pandemic, the use of digital twin technology has also grown in the healthcare industry, enabling medical personnel to analyze patient data for use in treatment simulations and future research.

Saudi Arabia Digital Twin Market

Segmental Coverage

Saudi Arabia Digital Twin Market – By Type

Based on type, the Saudi Arabia Digital Twin market is segregated into parts twin, product twin, process twin, and system twin. The product twin holds the highest share in the Saudi Arabia digital twin market. The product twin is gaining immense traction in the healthcare industry. Digital twins can be used for design, testing, and optimization by manufacturers to guarantee the effectiveness and safety of their products. By simulating real-world settings, identifying possible problems, and making necessary adjustments before physical manufacturing, organizations can cut costs, reduce development processes, and improve overall device performance.

Saudi Arabia Digital Twin Market – By Application

Based on application, the Saudi Arabia digital twin market is segmented into predictive maintenance, product design and development, business optimization, and others. The product design and development segment accounts for the largest market share. Data from models from earlier generations and the new idea are combined using a digital twin in their respective digital formats. According to studies, using a digital twin to design and build a product can cut costs and time by up to 50%. As a result, more sectors are implementing this technology, which is boosting market growth overall.

Saudi Arabia Digital Twin Market – By End Users

Based on end users, the Saudi Arabia digital twin market is segmented into manufacturing, healthcare & life sciences, residential & commercial, aerospace, telecommunications, and others. The Saudi government is aiming to establish the Kingdom as a global manufacturing hub under its Vision 2030. To strengthen its manufacturing sector, the government is laying down a regulatory framework for investments in establishing factories for infrastructure as well as ensuring education and training for human capital development, which is anticipated to present new growth opportunities to the Saudi Arabia digital twin market.

Competitive Landscape

Major players operating in the Saudi Arabia digital twin market include Siemens, Dassault Systèmes, PTC, IBM, ANSYS, Oracle, Bentley Systems, Autodesk, Hexagon AB, and Trimble. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In February 2023 – KPMG International Limited launched a metaverse and digital twin hub in Saudi Arabia to boost their development and adoption in the Middle East region.

Scope of the Report

By Type

• Parts Twin

• Product Twin

• Process Twin

• System Twin

By Application

• Predictive Maintenance

• Product Design & Development

• Business Optimization

• Others

By End Users

• Manufacturing

• Healthcare & Life Sciences

• Residential & Commercial

• Aerospace

• Telecommunication

• Others

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Saudi Arabia Digital Twin Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Government Support promoting digital transformation initiatives
         2. Smart City Initiatives
      2. Restraints
         1. lack of awareness and skilled professionals
         2. Data Integration Challenges
      3. Opportunities
         1. Energy Sector Optimization
         2. Infrastructure Development
      4. Challenges
         1. Data Privacy Concerns
         2. High Cost of Implementation
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Saudi Arabia Digital Twin Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Parts Twin
         2. Product Twin
         3. Process Twin
         4. System Twin
      2. By Application
         1. Predictive Maintenance
         2. Product Design & Development
         3. Business Optimization
         4. Others
      3. By End User
         1. Manufacturing
         2. Healthcare & Life Sciences
         3. Residential & Commercial
         4. Aerospace
         5. Telecommunication
         6. Others
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Saudi Arabia Digital Twin Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid–19 on Saudi Arabia Digital Twin Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Siemens
   2. Dassault Systèmes
   3. PTC
   4. IBM
   5. ANSYS
   6. Oracle
   7. Bentley Systems
   8. Autodesk
   9. Hexagon AB
   10. Trimble
   11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4.  Breakdown of Primary Research Respondents, By Region
   5.  Assumptions & Limitations

*Financial information of case of non–listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in–depth secondary research for the final deliverable.

List of Figures

Figure 1       Saudi Arabia Digital Twin Segmentation       

Figure 2       Saudi Arabia Digital Twin Market Value Chain Analysis     

Figure 3       Company Market Share Analysis, 2022

Figure 4       Saudi Arabia Digital Twin Market Size, By Value (USD Billion), 2019–2029    

Figure 5       Saudi Arabia Digital Twin Market Share, By Type, By Value, 2019–2029        

Figure 6       Saudi Arabia Digital Twin Market Share, By Application, By Value, 2019–2029

Figure 7       Saudi Arabia Digital Twin Market Share, By End Users, By Value, 2019–2029

List of Tables

Table 1        Saudi Arabia Digital Twin Market Size, By Value (USD Billion), 2019–2029

Table 2        Saudi Arabia Digital Twin Market Size, By Type, By Value, 2019–2029

Table 3        Saudi Arabia Digital Twin Market Size, By Application, By Value, 2019–2029

Table 4        Saudi Arabia Digital Twin Market Size, By End Users, By Value, 2019–2029

Table 5        Siemens Company Overview

Table 6        Siemens Financial Overview

Table 7        Dassault Systèmes Company Overview

Table 8        Dassault Systèmes Financial Overview

Table 9        PTC Company Overview

Table 10      PTC Financial Overview

Table 11      IBM Company Overview

Table 12      IBM Financial Overview

Table 13      ANSYS Company Overview

Table 14      ANSYS Financial Overview

Table 15      Oracle Company Overview

Table 16      Oracle Financial Overview

Table 17      Bentley Systems Company Overview

Table 18      Bentley Systems Financial Overview

Table 19      Autodesk Company Overview

Table 20      Autodesk Financial Overview

Table 21      Hexagon AB Company Overview

Table 22      Hexagon AB Financial Overview

Table 23      Trimble Company Overview

Table 24      Trimble Financial Overview

Table 25      Other Prominent Players Company Overview

Table 26      Other Prominent Players Financial Overview